Experts for Leasehold Conveyancing in Waterbeach

Get a Quote

Leasehold conveyancing in Waterbeach is more complex than freehold. Your home move will be smoother where you choose a lawyer with a wealth of experience of leasehold conveyancing in Waterbeach and across next step up in loc. The lawyers we recommend have been approved by your lender so use our search tool to check.

Top Five Questions relating to Waterbeach leasehold conveyancing

Frank (my husband) and I may need to let out our Waterbeach basement flat temporarily due to taking a sabbatical. We used a Waterbeach conveyancing practice in 2001 but they have since shut and we did not think at the time seek any guidance as to whether the lease permits subletting. How do we find out?

Even though your previous Waterbeach conveyancing solicitor is not around you can check your lease to check if you are permitted to let out the apartment. The accepted inference is that if the deeds are non-specific, subletting is permitted. Quite often there is a prerequisite that you must obtain permission from your landlord or other appropriate person in advance of subletting. The net result is that you cannot sublet without prior consent. The consent is not allowed to be unreasonably withheld. If the lease prohibits you from letting out the property you will need to ask your landlord for their consent.

Planning to complete next month on a garden flat in Waterbeach. Conveyancing lawyers inform me that they report fully within the next couple of days. What should I be looking out for?

The report on title for your leasehold conveyancing in Waterbeach should include some of the following:

  • Defining your legal entitlements in respect of the communal areas in the block.E.G., does the lease permit a right of way over an accessway or staircase?
  • Do you need to have carpet in the flat or are you allowed wood flooring?
  • Whether the lease restricts you from subletting the flat, or having a home office for business
  • Whether your lease has a provision for a reserve fund?
  • You should have a good understanding of the insurance provisions
  • Repair and maintenance of the flat
  • I don't know whether the lease allows me to alter or improve anything in the flat - you should know whether it applies to all alterations or just structural alteration, and whether consent is required For a comprehensive list of information to be included in your report on your leasehold property in Waterbeach please enquire of your conveyancer in ahead of your conveyancing in Waterbeach

    • Back In 2005, I bought a leasehold flat in Waterbeach. Conveyancing and Barclays mortgage organised. I have received a letter from someone saying they have taken over the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1991. The conveyancing practitioner in Waterbeach who acted for me is not around.Any advice?

    The first thing you should do is make enquiries of the Land Registry to make sure that the individual claiming to own the freehold is in fact the registered owner of the freehold reversion. It is not necessary to instruct a Waterbeach conveyancing solicitor to do this as it can be done on-line for a few pound. You should note that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.

    I am attracted to a couple of apartments in Waterbeach which have in the region of fifty years unexpired on the leases. Do I need to be concerned?

    There are no two ways about it. A leasehold flat in Waterbeach is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the value of the property. For most purchasers and mortgage companies, leases with under eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Waterbeach conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

    Can you provide any top tips for leasehold conveyancing in Waterbeach with the purpose of saving time on the sale process?

    • Much of the delay in leasehold conveyancing in Waterbeach can be bypassed where you appoint lawyers the minute you market your property and ask them to collate the leasehold documentation needed by the purchasers’ representatives.
    • In the event that you altered the property did you need the Landlord’s consent? In particular have you installed wooden flooring? Most leases in Waterbeach state that internal structural changes or laying down wooden flooring require a licence from the Landlord consenting to such changes. If you fail to have the approvals in place you should not contact the landlord without contacting your lawyer in advance.
  • Some Waterbeach leases require Licence to Assign from the landlord. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference should make it clear that the buyer is able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their lawyers.
  • If there is a history of any disputes with your landlord or managing agents it is essential that these are resolved prior to the flat being put on the market. The purchasers and their solicitors will be reluctant to purchase a property where there is an ongoing dispute. You will have to accept that you will have to discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the purchasers, but it is better to reveal the dispute as over as opposed to ongoing.
  • If you are supposed to have a share in the freehold, you should make sure that you are holding the original share certificate. Organising a new share certificate is often a lengthy process and slows down many a Waterbeach home move. If a duplicate share is necessary, you should approach the company officers or managing agents (where relevant) for this sooner rather than later.

    • Waterbeach Leasehold Conveyancing - Examples of Queries before buying

      Please note that where the lease has less than 80 years it will affect the salability of the apartment. It is worth checking with your lender that they are willing to lend given the lease term. Leases with less than 80 years remaining means that you will most likely have to extend the lease at some point and you need to have some idea of what this would cost. For most Waterbeachlease extensions you would be required to have been the owner of the property for two years before you are legally able to extend the lease. Many Waterbeach leasehold flats will be liable to pay a service bill for maintenance of the building levied by the freeholder. Should you acquire the flat you will have to meet this amount, normally periodically accross the year. This could be anything from two or three hundred pounds to thousands of pounds for blocks with lifts and large communal grounds. In all probability there will be a ground rent for you to pay yearly, normally this is not a significant figure, say around £50-£100 but you need to enquire as on occasion it could be prohibitively expensive. Are there any major works anticipated that will add a premium to the service costs?

    Other Topics

    Lease Extensions in Waterbeach